Commonwealth bank scraps cash

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society. As well as scrapping over-the-counter cash transactions, Macquarie will also stop commonwealth bank scraps cash payments via telephone banking from May next year. A survey by the Reserve Bank of Australia found that 18 per cent of respondents aged over 65 were classified as high cash users.

A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society. The move is being slammed as one which will have a particularly negative impact in regional areas, and for elderly Australians. As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM. Earlier this year, Commonwealth Bank and ANZ decided to stop handling cash in a few branches, but the move by Macquarie to almost entirely phase out cash is unprecedented. Treasurer Jim Chalmers also announced in June that cheques would be entirely phased out in Australia by Taylor Swift's concert in Sydney, Australia on Friday night

Commonwealth bank scraps cash

The Commonwealth Bank has opened a number of 'cashless' branches with customers no longer able to access their money over-the-counter. Teller cash transactions are not available at branches including Commonwealth Bank Place in the centre of Sydney along with the nearby South Eveleigh, Barangaroo, Penrith and University of Sydney, which the bank now calls 'specialist centres'. Daily Mail Australia also understands some 'specialist centre' branches in Brisbane and Melbourne no longer permit over the counter cash withdrawals and deposits. Deposits and withdrawals can still be made via on-site ATMs but for those who don't have their bankcard handy things get much more difficult. Over-the-counter cash transactions are not available at some Commonwealth Bank branches, including this one in Barangaroo. Customers will need to locate a branch that still does offer teller transaction and travel there. The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches. In a statement the bank said: 'Commonwealth Bank has created a very small number of Specialist Centres in major metropolitan areas, which are designed to support personal and business customers with more complex banking needs. All of our Specialist Centres are in major metropolitan locations and very nearby to full-service branches. But many Aussies are outraged by the Commonwealth Bank's decision to open more 'cashless' branches without over-the-counter cash withdrawals and deposits.

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Karl Stefanovic has called out Commonwealth Bank's decision to open new 'cashless' branches where withdrawals and deposits are not available over the counter. The bank has opened new 'specialist centre' branches, located in metropolitan areas, where access to cash is only available via ATMs. In-person teller transactions are not available at the specialist centres, which focus on 'complex' banking including business customers and loan products. Today show host Karl Stefanovic questioned whether some bank branches going cashless was a 'glitch in the matrix'. But the move towards digital money, which is also being pursued by other 'big four' banks such as ANZ and NAB has raised concerns especially for older Australians and those in regional areas.

The Commonwealth Bank has opened a number of 'cashless' branches with customers no longer able to access their money over-the-counter. Teller cash transactions are not available at branches including Commonwealth Bank Place in the centre of Sydney along with the nearby South Eveleigh, Barangaroo, Penrith and University of Sydney, which the bank now calls 'specialist centres'. Daily Mail Australia also understands some 'specialist centre' branches in Brisbane and Melbourne no longer permit over the counter cash withdrawals and deposits. Deposits and withdrawals can still be made via on-site ATMs but for those who don't have their bankcard handy things get much more difficult. Over-the-counter cash transactions are not available at some Commonwealth Bank branches, including this one in Barangaroo. Customers will need to locate a branch that still does offer teller transaction and travel there. The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches. In a statement the bank said: 'Commonwealth Bank has created a very small number of Specialist Centres in major metropolitan areas, which are designed to support personal and business customers with more complex banking needs. All of our Specialist Centres are in major metropolitan locations and very nearby to full-service branches. But many Aussies are outraged by the Commonwealth Bank's decision to open more 'cashless' branches without over-the-counter cash withdrawals and deposits.

Commonwealth bank scraps cash

The move came after ANZ also scrapped over-the-counter cash transactions in some branches earlier this year, citing a dramatic fall in demand for in-branch transactions. Customers have made an overwhelming shift to digital, with ABA research also showed that in-person branch transactions fell 46 per cent in the last financial year. Despite this shift, community advocates are concerned that stopping over-the-counter cash transactions will exclude people who may rely on them. With cashless society concerns a hot topic once again, the big branches remain adamant that their branches without over-the-counter transactions are not cashless. ANZ in March revealed customers at some metropolitan branches would no longer be able to deposit or withdraw cash over the counter. Customers at affected branches can access cash through the onsite SmartATMs, with staff available to assist in using the machines. While the expert centres do not offer over-the-counter transactions, they are equipped with smartATMs which customers can use to withdraw and deposit cash. Customers can also withdraw cash from more than 3, Australia Post outlets nationwide via Bank Post.

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As well as scrapping over-the-counter cash transactions, Macquarie will also stop accepting payments via telephone banking from May next year. Homeowner came back to his property to find a foot broadband pole planted in his front garden- and it's Starting from , Macquarie Bank will move to cashless branches, sparking concern among older Australians. Apple Google Windows Streaming Broadband. Aussies baffled by strange googly-eyed creature a Sydney woman found in her garden: 'Cutest thing ever' What to see and do this weekend: from Rod Stewart and Jools Holland's magnificent new swing album to The move means customers wishing to withdraw or deposit cash will only be able to do so via an ATM. About Us. Germany is set to legalise cannabis today, allowing possession of up to 25 grams and cultivating up to three Germany is set to legalise cannabis today, allowing possession of up to 25 grams and cultivating up to three The bank didn't disclose at the time which branches would be affected but insisted only a 'small number' would impacted.

Australia's biggest home lender saw its cash profit, based on core operations, rise by six per cent in the year to June 30, figures released on Wednesday said.

Terms and conditions are available on the app. In a statement, ANZ said it stood by its move to go cashless behind the counter - and clarified which branches are affected. Increasingly, remote communities are relying on banking services provided by Australia Post, which allows people to deposit cash and cheques, withdraw money and make balance enquiries for free. Mystery as police find fifth body in Thames in three weeks as corpse is found on the riverbank in Putney Biden meets Alexei Navalny's widow and daughter in California and promises major sanctions against Putin Treachery! British Army sergeant, 42, is found guilty of bigamy after he married a second woman in Kenya in a Sharia How troubled Paul Anderson was plucked from life of crime by film director who spotted him ticket touting Vegan food fans left disappointed as popular burger chain is forced to close its doors Kim Jong Un 'has a secret SON who is kept out of the public eye because he is too pale and thin' See you on the other side! Cop is accused of murdering Australian TV presenter and his boyfriend with his police pistol: Former Guidance What to do if your wallet is lost or stolen Ways to control your spending in the CommBank app How to get the most from the CommBank app How to keep your bank details secure. Smaller banks such as Suncorp, Bank of Queensland and Bendigo Bank also said they had no plans to go cashless.